United States
Deutsche Bank returns to US swaps client clearing
Re-entry comes after Basel III endgame proposals sparked capacity concerns among global clients
Credit card rate cap would cut NII by over 40% at top lenders
Synchrony, Capital One and Amex face steep losses under Trump’s proposed 10% ceiling
Op risk data: FIS pays the price for Worldpay synergy slip-up
Also: Liberty Mutual rings up record age bias case; Nationwide’s fraud failings. Data by ORX News
LatAm FX carry trade shrugs off geopolitical fears
Clients in regional carry positions remain undeterred by US interventions, say dealers
S&P bull run drives interest in reset and lookback hedges
Variable strike put options proved popular alternative hedging format of 2025
Wells Fargo bucks peers with rise in CCP default fund contributions
Heavier clearing drives bank’s balance to new high in Q3
Banks split over AI risk management
Model teams hold the reins, but some argue AI is an enterprise risk
US mutual funds slash short euro positions at record pace
Counterparty Radar: Pimco cut $4.6bn of EUR/USD puts in Q3 amid changing stance on dollar direction
BofA Securities defies year-end pullback with record F&O customer funds
December growth contrasts with broader FCM retrenchment from October peak
Collateral velocity is disappearing behind a digital curtain
Dealers may welcome digital-era rewiring to free up collateral movement, but tokenisation will obscure metrics
BoE’s SSITG proposal could lead to $333m additional CCP capital
Plan would expand own-capital tranches deployed alongside member contributions at LCH, Ice and LME
US banks diverge from global peers on OTC clearing
Clearing rates fall in US as UK, Europe and Canada push higher
MBSD liquidity risk hits four-year high
Estimated largest payment obligation tops $40bn in Q3
Bowman’s Fed may limp on by after cuts
New vice-chair seeks efficiency, but staff clear-out could hamper functions, say former regulators
Interest rate ETDs surge to second-highest level on record
Futures-led surge signals firmer views on rate direction
Asset managers prep autocall ETFs with assets tipped to hit $30bn
Actively managed strategies wait in the wings after systematic approach nets Calamos $500m
China, US banks show highest global RWA density
American Express leads with risk density over 70%, ahead of Capital One and Truist
OCC’s initial margin spikes 27% in Q3
CCP hits new margin record for second consecutive quarter
Citi launches core inflation QIS
Custom indexes eliminate energy and food prices to ease trading of stickier inflation trends
US insurers turn to short-dated FX forwards as notionals rise
Counterparty Radar: Trades under three months make up nearly 60% of total positions, up from just a third in 2022
Winds of change 2026: managing opportunities
Shifts in monetary and fiscal policy are reshaping fixed income markets